Slide Insurance Secures $175 Million to Enhance Hurricane Preparedness and Drive Growth
Slide Insurance, an insurtech company specializing in homeowners insurance, has secured a $175 million senior credit facility to bolster its financial stability and support growth initiatives. This financing round was led by Regions Bank, which served as the administrative agent, joint lead arranger, and joint bookrunner. Synovus Bank and Texas Capital Bank, through its TCBI Securities Inc. division, also participated as joint lead arrangers and joint bookrunners.
The funds will be used to refinance Slide Insurance’s previous bilateral senior credit facility from Regions Bank and to support the company's growth initiatives. This move comes as Slide Insurance prepares for the upcoming 2024 Atlantic hurricane season, aiming to strengthen its market position and enhance financial resilience.
In addition to this recent funding, Slide Insurance has made significant strides in reinforcing its financial robustness. The company raised $100 million during its Series A round in 2021 and completed a $1.86 billion reinsurance program in May 2024. This program meets all regulatory and rating agency requirements, providing protection up to the 175-year return period, thereby positioning Slide Insurance to effectively navigate the challenges of the hurricane season and beyond.
